Bitcoin-bank.io – a supposed “crypto bank” just started appearing in online ads on some Canadian classified websites. On the website, it sells itself as the “perfect platform for those who wants [sic] to have a passive income on daily basis without having to learn the related crypto or trading skills or the time to watch the markets all day long.” However, the Financial and Consumer Services Commission (FCNB) warns investor of a potential scam.

The company, in its white paper, states that it caters to newcomers in the field of cryptocurrencies. It also doubles by providing services such as payment cards, and cryptocurrency wallet solutions. The company is also promoting its own ICO(Initial Coin Offering) – a BTCB, which they have priced at .000975 BTC or bitcoins and highlights its “selling day” to commence on 23rd April. However, with the ever-growing number of ICO scams, FCNB had to intervene.

Through a recent investigation of Bitcoin-bank.io, Canada’s financial watchdogs published an investor alert on March, 5 showcasing the site as a potential scam. FCNB confirmed that the company isn’t registered in either of the fields and isn’t permitted to practice such services in the province.

FCNB also provided information regarding the company’s falsely listed California address, and that the list of company employee names are fake names with attached photographs, possibly stolen from other websites and coupled with plagiarised content. With all such evidence in hand, Bitcoin-bank.io is undoubtedly a fraud and scam out to get investors money.

Now, Canada is no stranger to cryptocurrency related fraudulent activities. Just last year, a massive bitcoin tax scam happened where fraudsters falsely threatened 40 victims with jail time for unpaid taxes. The scammers disguised themselves as Canada’s Revenue Agency and told the victims to withdraw bitcoins from a bitcoin ATM and send money over to the scammers, which the victims did – a total of $267000.

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